Exchange Adjusts Volume Tier Fees for Traders
Published Date: 5/19/2025
Notice
Summary
Cboe EDGX Exchange is updating its fee schedule by changing how shares count toward volume discounts in Tiers 1-3. This affects traders who add or remove shares on the exchange and could impact their fees starting immediately. The goal is to keep fees fair and competitive in a busy market.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
Higher Share Thresholds for Tier Rebates
Cboe EDGX raised the shares-based thresholds for Add/Remove Volume Tiers 1-3 while keeping the percent-of-TCV prongs and the per-share rebates unchanged. Specifically, Tier 1 share threshold increases from 16,000,000 to 20,000,000 shares (rebate $0.0020); Tier 2 from 20,000,000 to 30,000,000 shares (rebate $0.0025); and Tier 3 from 30,000,000 to 45,000,000 shares (rebate $0.0027). These changes were filed on May 1, 2025 and became effective upon filing.
Exchange's Qualification Expectations
The Exchange stated, based on the prior month's volume, that it expects at least two Members to qualify for proposed Tier 1, no Members to qualify for proposed Tier 2, and at least two Members to qualify for proposed Tier 3 under the new share thresholds. If a Member does not meet the new criteria, the Member will not receive the corresponding enhanced rebate.
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